ED seizes FDs, cash and property papers worth crores during raids in Madhya Pradesh

New Delhi: The Enforcement Directorate on Thursday said it has frozen fixed deposits worth crores of rupees, seized Rs 25 lakh in cash, a few high-end vehicles and property documents worth more than Rs 60 crore during raids against a Madhya Pradesh-based milk products manufacturing company.

The searches were undertaken on January 29 in Bhopal, Sehore and Morena as part of a money laundering investigation against Jayshri Gayatri Food Products Pvt. Ltd. and its key persons like Kishan Modi, Payal Modi, Amit Kuklod and others.

The ED alleged that the company manufactured "adulterated" milk products and used "false" laboratory certificates purportedly issued by BIS/NABL to secure certification from the Export Inspection Agency (EIA) located at Indore.

This certificate was used for export of the adulterated milk products, it claimed.

The agency found that these certificates were either originally issued to other companies or obtained "fraudulently" by the accused.

So far, 63 "forged" lab certificates have been identified which were used for the export of adulterated milk products to various countries as well as for domestic consumption, the ED said.

Fixed deposits of about Rs 6.26 crore have been frozen, and cash worth Rs 25 lakh was seized along with high-end cars like a BMW and a Fortuner during the searches.

It said documents of immovable properties worth about Rs 66 crore in the name of various companies and family members of Kishan Modi were also recovered along with other "incriminating" documents, it said.

The money laundering case stems from an FIR of the MP Police Economic Offences Wing.